The Calgary Stampede kicked off this weekend, and despite concerns about oil prices and their impact of the Alberta economy, the party is in full swing, according to the city's mayor.

Mayor Naheed Nenshi said that attendance for this year's Stampede is on par with last year's, which was the second highest attendance on record. Rodeo and grandstand sales are also on par with last year's Stampede, he told CTV's Canada AM.

"We've been through a lot in this community, but we've also been through a lot of real excitement in this community, electing a new provincial government, saying we're ready for a bit of a change," he said.

"To have this all come together in this giant frenzy of community, I think says a lot about who we are."

Nenshi noted that, while the corporate parties may not be as big as in years past, that could be due to companies trying to avoid layoffs.

"They'd rather cut in other places so they can hold on to their staff," he said.

The 103rd Stampede kicked off Friday, amid reports of oil and gas companies spending less, and corporate sales down about 10 per cent.

But despite the drop in corporate spending, ticket sales are up two to three per cent, according to Stampede spokesperson Jennifer Booth.

Booth told the Canadian Press that the low Canadian dollar is attracting more foreign tourists.

Nenshi said the Stampede is a chance for Calgarians to come together and celebrate community.

The mayor, who was awarded the World Mayor Prize earlier this year, recalled how the city pulled together following the devastating floods in 2013, to ensure the event would go on.

He said the main reason why the 2013 Stampede succeeded was because he couldn't contain the enthusiasm of approximately 2,500 volunteers that help run the event.

With files from The Canadian Press